The Minister of Labour and Employment, Dr. Chris Ngige, says Nigeria is broke and can’t afford to fund capital projects next year, a development which might worsen unemployment and poverty.
The Minister said this during a media briefing in Abuja, on Thursday, July 28.
According to him, “I can tell you that Nigeria is broke. There is no money to fund capital projects next year. As you can see, the dollar that has been hovering around N500 and N600 is now above N700.
The truth is that there is no money anywhere. The money that the FAAC (Federation Account Allocation Committee) has been sharing is money from taxes, customs and other revenue-generating agencies.
The National Nigerian Petroleum Company Limited (NNPC) no longer remits money to FAAC. So, the situation calls for patriotism from all Nigerians. The lack of money to fund capital projects would have implication on capacity to create jobs.